Lyft (NASDAQ:LYFT) Shares Gap Down – What’s Next?

Lyft, Inc. (NASDAQ:LYFT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $18.12, but opened at $17.53. Lyft shares last traded at $16.93, with a volume of 4,179,178 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Roth Mkm increased their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. TD Cowen boosted their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Jefferies Financial Group raised their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Finally, Melius Research initiated coverage on Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 price target for the company. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.48.

Lyft Stock Down 5.5 %

The company has a market cap of $7.02 billion, a price-to-earnings ratio of -109.25, a price-to-earnings-growth ratio of 5.26 and a beta of 2.04. The business’s 50 day simple moving average is $13.64 and its 200-day simple moving average is $13.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.02) earnings per share. Sell-side analysts expect that Lyft, Inc. will post 0.08 earnings per share for the current year.

Insider Transactions at Lyft

In related news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,987 shares of company stock worth $619,025. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Allspring Global Investments Holdings LLC bought a new stake in shares of Lyft during the 1st quarter valued at about $41,000. True Wealth Design LLC purchased a new stake in Lyft during the third quarter valued at about $27,000. Brown Brothers Harriman & Co. purchased a new position in shares of Lyft in the second quarter valued at $35,000. International Assets Investment Management LLC bought a new stake in Lyft during the 2nd quarter worth approximately $35,000. Finally, Capital Performance Advisors LLP bought a new position in Lyft in the 3rd quarter worth about $38,000. Institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.